India–Oman CEPA to Power Trade, Energy Transition and Startup Growth: PM Modi
Prime Minister Narendra Modi on December 18 said the Comprehensive Economic Partnership Agreement (CEPA) between India and Oman will act as a long-term growth engine for bilateral ties, calling it a “blueprint of our shared future”. Speaking at the India–Oman Business Summit in Muscat, Modi said the pact will boost trade, investment and sectoral collaboration, with benefits expected to span decades as the two countries mark 70 years of diplomatic relations.
The free trade agreement, set to be signed later on Thursday, will reduce or eliminate customs duties on a wide range of goods while easing norms for services trade and investments. India is currently Oman’s third-largest trading partner, with bilateral trade reaching $10.61 billion in FY 2024–25, while Indian investments in Oman have crossed $5 billion, tripling since 2020 across sectors such as renewable energy, green steel, aluminium, logistics and manufacturing.
Under CEPA, both nations have identified four priority areas for deeper cooperation: energy transition, infrastructure and multimodal logistics, food security, and the startup ecosystem. The agreement is also expected to benefit industries including textiles, automobiles, gems and jewellery, agrochemicals and renewables, while strengthening collaboration in emerging areas such as green hydrogen, artificial intelligence and deep tech startups.
Pic courtesy: google/ images are subject to copyright
